All players have fantasized about winning a massive jackpot and experiencing the excitement and exhilaration as you receive a life-altering amount of money.
But, once the excitement passes, what should you do to make sure you don’t blow through your jackpot or end up in a worse situation than you were before you won? What are the most critical things to pay attention to once you win the jackpot?
Let’s take a closer look at the four things you should do after winning the jackpot to ensure the best experience.
Know the Procedure
Disappointingly enough, the casino won’t roll out a couple of millions or more on a cartwheel as soon as you hit a large jackpot. There’s a complicated system in place to make sure everything is legal and above board.
Of course, it matters if you pick a reputable casino in the first place or just take your chance and hope for the best. With good video poker and slot machines, you will have fewer struggles and restrictions withdrawing your money, and that is something worth thinking about in advance.
You’ll most likely get offered different payout options, such as cash, check, casino chips, bank wire, or a combination of several of these.
Of course, taking casino chips is the option you want to avoid, as you don't want to leave any of your newly won money at the casino. If it's a really monumental jackpot, you might also have to accept a pay deal that spans over several months or years.
Additionally, don’t forget about the taxman’s cut. Before you can start enjoying your jackpot winnings, you’ll have to settle your taxes, which can vary significantly based on where you live.
The best rule of thumb is to set aside at least a third of your total winnings for taxes. That way, you’ll make sure you have everything covered. Plus, you likely won’t spend the entirety of this portioned money, so you’ll have some extra money left after you settle your taxes.
Celebrate Your Win
The first thing you should do when you win and collect a massive jackpot is the first thing you want to do: have fun and celebrate.
You’ve just landed a massive win, something that will likely happen only once in your lifetime. In fact, the vast majority of players never experience a big jackpot win. That’s why you should make the most of it and soak up the entire experience.
Order some drinks, book an expensive suite, or treat yourself with any trope you’ve seen in gambling and poker movies in which the players win large amounts of money. Of course, maintain a degree of caution, as alcohol mixed with unlimited amounts of money often makes a poor combination.
What’s more, now is the best time to treat yourself to that big vacation you’ve always dreamed about. For most people, money is the number one problem that prevents them from realizing their adventures of traveling the world and exploring different cultures.
With your jackpot win, this shouldn’t be an issue any longer. You can let your imagination run wild and create the perfect holiday you’ll remember forever.
Pay Off Any Debts
Winning a jackpot is an opportunity to get a clean slate in life, at least from a financial perspective. When you win so much money, you get a chance to start again.
You can erase any debts that have been weighing over your head in the past. Traveling and having fun is great, but you shouldn’t forget the life you had back home, especially if it includes any stressful debts.
Do you have any outstanding credit card bills you’re struggling with? Perhaps you’re still paying the mortgage for your house or making car payments for the car you bought five years ago? Student loans can also be a stressful burden that people carry for decades.
You can now get rid of all these stressful obligations and once again enjoy complete financial freedom.
Think of the Future
Hitting the massive jackpot is certainly a nice feeling. That said, turning that large pile of cash into even more money will feel even better. That’s why, after celebrating and settling old debts, the next thing you should do is look after your future.
As we’ve learned through unfortunate tales of previous jackpot winners, many players waste their money and end up broke not long after.
The best way to put your money to work is to invest it in real estate, compound interest plans, and other long-term solutions that will help secure your future. Don’t just plan for the next few years but try to implement a long-term bankroll management plan.
No matter how much money you have, putting some of it into retirement savings is never a bad decision.
If you have any children, this is also the best time to take the necessary steps to make sure they’re covered in the future. Consider putting aside a portion of your total money to cover future expenses such as your children’s education, especially as higher education costs can be through the roof.
Winning the Jackpot – What to Remember
Winning a jackpot is a life-changing event. Unfortunately, for many winners, this event changes their lives for the worse. They end up squandering their money or putting themselves in a place where they tend to make poor decisions.
If you won a jackpot, you must treat your win with a dose of responsibility to ensure you remain a winner long after the life-altering event.
If you haven’t won anything yet and are reading this page to prepare, that’s also a great mindset to have. Should you happen to hit a big jackpot win in the future, you should know the proper steps to take to make the best of the money you receive on that glorious day.
Ultimately, winning a jackpot in any game is a massive achievement. For most jackpot slots and other casino games, the odds of winning can be anywhere from 1 in 30 thousand to 1 in 30 million. Very few players are lucky enough to net such a win in their lifetime.
Whether you’re already a winner or consider that your future self is destined to become one, the tips we’ve shared with you on this page cover crucial decisions every player should make after winning a jackpot. Thus, if you do happen to get very lucky playing slots, you’ll know what to do!